The local share market finished lower on the first day of a busy week for economic data.
The benchmark S&P/ASX200 index on Monday finished down 27.7 points, or 0.4 per cent, to 6,948.8, while the broader All Ordinaries dropped 31.6 points, or 0.44 per cent, to 7,145.0.
Traders will this week be watching closely for the release of US inflation data for October overnight Tuesday, Australian time, which CMC Market analyst Tina Teng noted could be critical for risk sentiment.
"It could be a cheerful time for market bulls as consensus calls for a meaningful decline in US inflation," Ms Teng wrote.
Expectations are that inflation will fall to 3.3 per cent year-on-year, from 3.7 per cent in September.
Domestically, the NAB business survey, third-quarter wage growth and October employment figures will be released this week.
TPG Telecom was the biggest loser in the ASX200 on Monday, falling 11.7 per cent to a five-month low of $4.81 after ending discussions with Vocus Group on a $6.3 billion sale of its non-mobile fibre assets.
"The proposed transaction involved considerable complexity and, ultimately, the parties have been unable to reach alignment on the operating model and commercial terms for TPG to have sufficient confidence that a successful transaction can be agreed and executed," TPG said.
The financial sector fell 0.5 per cent, with the Big Four banks mixed as ANZ posted a cash profit of $7.4 billion for fiscal 2023, up 14 per cent from 2021/22 but a touch under consensus expectations.
CEO Shayne Elliott called it a strong result but some analysts were concerned the bank's aggressive pursuit of customers had resulted in what UBS called possible "irrational pricing" of mortgage terms
ANZ shares closed down 3.0 per cent to $24.70, while NAB rose 1.6 per cent to $28.90, Westpac dipped 0.3 per cent to $20.80 and CBA was basically flat at $101.31.
In the heavyweight mining sector, BHP added 0.3 per cent to $45.40 while Rio Tinto and Fortescue both lost about a quarter of a percentage point, to $120.13 and $23.69, respectively.
Boral rose 5.1 per cent to a more than two-month high of $4.93 after raising its 2023/24 guidance by $30 million, saying it now expects to make $300 million to $330 million in underlying earnings for the full year.
Chief executive Vik Bansal said the revision reflected greater discipline in pricing and cost by the construction material company.
"Price realisation remains extremely important in the current inflationary environment,'' he said.
Elders soared 18.3 per cent to a four-month high of $7.31 as the agribusiness reported $170.8 million in underlying earnings for 2022/23, down 26 per cent from the previous year.
Elders called it a strong performance in the face of market headwinds that included softening input prices for key agricultural chemicals and fertiliser, significantly declining livestock prices, as well as inflationary pressures and rising interest rates.
"We expect some of the market headwinds experienced in FY23 to continue into FY24, but we are well placed to pursue opportunities for further growht and diversification," managing director and chief executive Mark Allison said.
The Australian dollar was buying 63.60 US cents, from 63.58 US cents at Thursday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index on Monday finished 27.7 points lower at 6,948.8, a drop of 0.4 per cent.
* The broader All Ordinaries fell 31.6 points, or 0.44 per cent, at 7,415.0.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 63.60 US cents, from 63.58 US cents at Friday's ASX close
* 96.59 Japanese yen, from 96.24 Japanese yen
* 59.56 Euro cents, from 59.61 Euro cents
* 52.04 British pence, from 52.01 pence
* 107.98 NZ cents, from 107.89 NZ cents.
